Goldman Sachs in Puerto Rico toll road venture

SAN JUAN, Puerto Rico 
A coalition that includes a unit of Goldman Sachs has won the concession to operate two busy toll roads in Puerto Rico over the next 40 years, the island's governor said Monday.

The partnership of Goldman Sachs Global Infrastructure Partners II and Abertis Infraestructuras bid $1.08 billion to operate the roads, Gov. Luis Fortuno said. They also agreed to make about $350 million in improvements and repairs and maintenance under the contract.

The consortium beat out a partnership led by Morgan Stanley Infrastructure Inc., which bid $960 million, according to the Puerto Rico Public-Private Partnership Authority.

Fortuno said in a statement that the deal would allow major improvements to the roads that the government can't afford to make and help the highway authority reduce its debt.

"This project will not just benefit the hundreds of thousands of drivers that take these roads every day but will an extraordinary positive effect on the economy of the 12 cities through which these highways run and for Puerto Rico's economy overall," he said.

Abertis, based in Spain, operates 2,300 miles (3701 kilometers) of toll roads in 15 countries. It has operated a toll bridge near San Juan's main airport for 16 years.